Exam 2: Thinking Like an Economist

How do economists view normative statements

In the circular-flow diagram,which flows are involved

Who said,"The whole of science is nothing more than a refinement of everyday thinking"

What revenue is received by firms from sales that is NOT used to pay for factors of production

Figure 2-10 -Refer to Figure 2-10.What could have caused the movement from point B to point C

Figure 2-10 -Refer to Figure 2-10.What is the movement from point A to point B

What is a type of graph that can be used to display the relationship between two variables

Figure 2-2 -Refer to Figure 2-2.What do boxes C and D represent

What have economists often observed while studying the effects of public policy changes

What are economists who try to explain economic phenomena considered

What does macroeconomics study

Figure 2-9 -Refer to Figure 2-9.What is this type of graph known as

What markets are depicted in the simple circular-flow diagram

When an economy is operating inside its production possibilities frontier,what do we know

Figure 2-9 -Refer to Figure 2-9.What do cups of coffee per day and the hours that someone can go without sleep have

Suppose a nation is currently producing at a point inside its production possibilities frontier.What do we know

Figure 2-7 -Refer to Figure 2-7.What would most likely have caused the production possibilities frontier to shift outward from A to B

Table 2-1 Production Possibilities for Toyland -Refer to Table 2-1.What is the opportunity cost to Toyland of increasing the production of fire trucks from 450 to 500

Figure 2-7 -Refer to Figure 2-7.Which of the following would best describe the movement from frontier A to B

In a circular-flow diagram,one loop shows the flow of real goods,services,and factors of production,and the other loop shows the corresponding flow of dollars.